Adani Power share price jumps 3% from intraday low after receipt of thermal power project in Bihar

Shares of Adani Power recovered strongly on Friday, August 29, rebounding nearly 3 percent from their intraday low after the company announced that it had received a Letter of Award (LoA) for a 2,400 MW thermal power project in Bihar. The Adani Group stock, which slipped to a day’s low of ₹583.35, climbed to an intraday high of ₹600.75 following the announcement.

Adani Power Ltd, India’s largest private sector thermal power producer, said it has received an LoA from Bihar State Power Generation Company Ltd. (BSPGCL) for the long-term procurement of electricity over 25 years. The company will supply power from a 2,400 MW (800 MW x 3) greenfield ultra-supercritical plant to be established at Pirpainti in Bhagalpur district, Bihar.

The LoA was awarded by BSPGCL on behalf of North Bihar Power Distribution Company Ltd. (NBPDCL) and South Bihar Power Distribution Company Ltd. (SBPDCL). Signing of a Power Supply Agreement (PSA) between the parties will follow.

India’s power demand is projected to grow rapidly, with peak requirements expected to rise from around 250 GW currently to 400 GW by 2031-32, and more than 700 GW by 2047, driven by industrialization, urbanization, and population growth. Thermal power will remain vital for base-load and grid balancing, with the government planning an additional 100 GW of thermal capacity by 2035 to meet rising demand.

Highlighting the significance of the project, S.B. Khyalia, CEO of Adani Power, said, “With our upcoming ultra-supercritical, high-efficiency Pirpainti project in Bihar, we are setting new benchmarks in operational excellence and sustainability. This plant will provide affordable and uninterrupted power to the people of Bihar, catalysing industrialisation, strengthening the state’s economy, and supporting the prosperity of its people. Through projects such as this, Adani Power remains committed to playing a leading role in securing India’s energy future.”

Earlier, Adani Power had emerged as the winner in a tightly contested Tariff-Based Competitive Bidding process initiated by BSPGCL, having offered the lowest supply price of ₹6.075 per KWh. The company is set to invest around $3 billion to set up the plant and supporting infrastructure. The project is expected to generate 10,000–12,000 direct and indirect jobs during construction and about 3,000 jobs once operational.

Adani Power’s stock has seen mixed performance over the past year. While it has shed over 7 percent in the last 12 months, it has gained 12 percent in 2025 year-to-date, delivering positive returns in six out of the eight months so far. In August alone, the stock is up 0.7 percent, extending its winning streak for a sixth straight month. The shares had declined 3 percent in January and 6.7 percent in February but have since been on a recovery path.

The stock hit its 52-week high of ₹684.90 in September 2024 and its 52-week low of ₹430.85 in November 2024.

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